Professional Documents
Culture Documents
3rd Sem - B Com - BR
3rd Sem - B Com - BR
CLASSIFICARTION OF CONTRACTS
1. MISTAKE OF LAW
Mistake of general law
Mistake of foreign law
Mistake as to private property rights
2. MISTAKE OF FACT
a. Bilateral Mistake
Mistake as to subject matter
b. Mistake as to possibility of performance
Physical impossibility
Legal impossibility
Unilateral mistake
Wager means a bet. Wagering agreement is nothing but a betting agreement . It is a game of
chance in which the chance of either winnings or loosing wholly depends on a specified
uncertain event.
DEFINITION:
“A promise to give money or moneys worth upon the determination of an uncertain event”
INJUNCTION
Where a party is in breach of a negative term of contract i.e where he is doing
something which he promised not to do. The court may, by issuing an order, restrain
him from doing what he promised not to do such an order if the court is termed as an
INJUNCTION.
RESTITUTION :
Restitution means an act of restoration ( repairing or renewing something).
The sale of goods act 1930 deals with the law relating to sale of goods in India but not with
mortgage or pledge of the goods. This act came into force from 1st July 1930
DEFINITION: SEC 4(1) of The ISGA 1930, A Contract of sale of goods is a contract whereby the seller
transfer or agrees to transfer the property in goods to the buyer for a price. A contract of sale may
provide for,
1. Transfer of property(sale) or
2. Agreement to transfer the property (Agreement to sell)
TYPES OF STIPULATIONS
1. A CONDITION
2. A WARRANTY
1. A condition is a stipulation essential to the main purpose of the contract. The breach of which
gives rise to right to treat the contract as repudiated
2. Warranty is a stipulation collateral to the main purpose of the breach of which given rise to
claim for damage but not a right to reject goods & treat the contract as repudiated
IMPLIED CONDITIONS & WARRANTIES
IMPLIED CONDITIONS & WARRANTIES are those which are not expressly made by the parties in the
contract, but law incorporates them into the contract. It means that the law presumes certain
conditions & warrantees are made by the parties in the contract through the parties really did
not.
1. Stipulation of time
2. Repudiation on breach of a condition
3. To verify with sample
4. To take delivery
5. To reject the goods
6. Nature of insurance
7. Not to accept instalment delivery
8. Not to take risk
9. Right to examine the goods
10. Not to return rejected goods
11. Damages for non delivery
12. Claim for specific performance
13. To keep the contract subsisting
14. To claim interest or special damages
15. In connection with action sale
16. To demand for reduction of price
1. To treat breach of condition as breach of warranty
2. To accept unconditional appropriation
3. To pay price & to accept goods
4. To apply for delivery
5. Demand for delivery at a reasonable hour
6. To accept & pay for instalment delivery
7. To pay for excess
8. To accept delivery to carrier
9. To be liable for neglecting or refusing delivery
10. To pay price in advance
11. To pay increased tax
c) Right of resale
(LIEN- Right to keep possession of property belong to another person until the debt is discharged)
Competition Act was needed in India which ensured the implementation of free economic
policies & free flow of resources which could protect the fair competition & curb the anti
competitive practices. The Competition Act was passed by the Parliament in the year 2002. The
Competition Act is a tool to implement & enforce competition policy & to prevent & punish
anti-competitive business practices by firms & unnecessary government interference in the
market. Competition Act generally covers 3 areas a) Anti-competitive agreements e.g. cartels
b) Abuse of dominance position by enterprises e.g., predatory pricing, barriers to entry &
c) Regulation of mergers & acquisitions(M&As)
FEATURES OF CCI
It is a body corporate
Each bench shall consist of at least 2 members & one of such member must be a judicial member
CCI comprises of a chairperson, not less than 2 & not more than 6 members, appointed by the central government of India
It provides for the director general instigation for the CCI.
STRUCTURE OF CCI
CHAIRPERSON- Sri Devender Kumar Sikri
5 MEMBERS- Sri S.L. Bunker, Sri Sudhir Mital, Sri Augustine Peter, Sri U.C. Nahta, Justice G.P. Mittal
The term of office of all the members of CCI is 5 yrs or till the attainment of age of 65yrs( whichever is early)
DUTIES OF CCI
1. To inspire businesses to be fair, competitive, & innovative
2. GOODS
3. SERVICES
5. DEFECT
6. DEFICIENCY
8. COMPLAINT
9. CONSUMER DISPUTES
1. Right to protection against hazardous goods
2. Right to access variety of goods & at competitive prices
5. Right to seek redressal against unscrupulous exploitation, restrictive & unfair trade practices
This act does not limit or reduce the scope of any other act
CP councils composing of both official & non-officials members. The objectives of the council are:
DEFECTIVE GOODS
DEFICIENT SERVICES
NON-COMPLIANCE OF STANDARDS
STATE COMMISSION
NATIONAL COMMISSION
CONSUMER DISPUTE: CD refers to a dispute where the person against to whom a complaint has been made. Thus it is clear
that if a person against whom complaint is made does not agree to the complaints, there is CD
CONSUMER DISPUTES ADVISORY & REDRESSAL AGENCIES
1. Advisory bodies
The central consumer protection council
The state consumer protection council
The district consumer protection council
2. Consumer Redressel agencies
The district forum
The state commission
The national commissions